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11-26-18_AGENDA PACKET
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11-26-18_AGENDA PACKET
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Edgewood. <br />· They are providing security patrol for PSNA. This appears to have been in response to <br />concerns about crime in the area. <br />· They are trying to be a good neighbor by sharing. They are providing an Amazon Locker <br />area solely for PSNA. They are also allowing PS residents to utilize the amenities of the <br />project. <br />· They are providing significant funding to the park (Park Santiago)…this is huge in my <br />opinion. It is something that <br /> <br />Building Usage <br />Unfortunately, I think that a lot of folks do not realize that the project site is currently zoned for a 3 <br />story office project with 3 stories of parking (likely 4 with one sub-terranean). The reality of the <br />situation is that the site should not remain underutilized. It will not remain a small footprint 2 story <br />building with a massive amount of surface parking- that is not feasible nor should the city want it. I <br />personally believe that a 3-story building, which likely will be around 387K square feet, can have <br />even more of a detrimental effect when compared to the current alternative for 2525. <br /> <br />I believe that most folks who are opposed to the development and using items such as traffic, <br />parking, visual look, etc…as reasons to be opposed are comparing it to the existing state for that <br />parcel which is a small underutilized (or even unutilized) office space with a vast amount of surface <br />parking. It is not good for the fiscal impact to the city. It is not good for the surrounding businesses <br />and it very well may not be the best for the surrounding residents. <br /> <br />The No Project/No Build alternative in the EIR, although an alternative, simply is not a realistic <br />alternative and it will also deprive the city of some benefits. By not developing the property to its <br />highest and best use, the city will lose out on valuable property taxes. The amount of money that <br />this project could provide to the city will be substantial in both recurring property taxes and also <br />one-time fees. The funds will not only help with annual general fund obligations but also with our <br />housing crisis in the city- both low income and market rate. The low income fees that they will have <br />to pay is tremendous and can certainly be put to good use by the city. <br /> <br />Although the project cannot and should not be viewed in an economic bubble, the revenue side <br />certainly has to be of high importance especially considering the fiscal crisis we are in at a time when <br />the economy is supposedly doing relatively well. The amount of money that a developer would need <br />to invest in rehabbing the current property simply is not a realistic use of their capital when <br />compared to the annual cash flow potentially provided. A reasonable investor will strive to increase <br />cash flow and the current building would not provide that return. <br /> <br />The North end of Santa Ana is a great community. We desire strong businesses to be located here. <br />We desire to have a nice grocery store like a Trader Joe's. If we desire those things, unfortunately, it <br />can be said that additional high income residents will strengthen the case for a grocery store like a <br />Trader Joe's to consider the area. I personally would not like it at that location simply because of the <br />traffic generation but there certainly are other areas that could possibly support it.
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